More Duty on Imported Palm Oil Sought by Indian Refiners
New Delhi, 14 June(HS): Seeing the surge of about 56 percent in palm oil imports from Malaysia to India in the month of May over the month of April, the local Indian refiners have shown great concern for their future prospects.
The Solvent Extractors Association has written a letter to PM Modi asking to impose higher duties on imported palm oil to save the domestic refiners and farmers. It has also appealed to revoke the CECA agreement with Malaysia and impose more duty on RBD Palmolein as soon as possible.
It is noteworthy that India is the world’s biggest importer of edible oils. India entered into Bilateral Comprehensive Economic Cooperation Agreement with Malaysia before a decade and cut the duty on palm oil import by 9%.
